Which statement best defines the term 'insured'?

The term 'insured' is best defined as the person covered by the insurance policy. In the context of insurance, the insured is the individual or entity that is protected against financial loss under the terms of the policy. This coverage typically extends to various risks outlined in the insurance contract, such as property damage, liability, or medical expenses, depending on the type of insurance involved.

In a typical insurance arrangement, the insurer agrees to provide certain benefits or compensation to the insured in the event of a covered loss, as long as the insured has been paying the required premiums. This distinction is critical in understanding who holds the rights under the policy and who is eligible to file claims for covered events.

The other options do not accurately capture the definition of 'insured'. The person who sells the insurance and the agent who sells the policy are not protected by the policy; instead, they serve administrative or sales functions in the insurance process. The insurance company itself is the entity that provides the coverage, not the individual or organization that requires it. Therefore, recognizing 'the person covered by the insurance policy' as the definition of 'insured' aligns with the foundational principles of insurance contracts.